Displaying items by tag: US Small Business Administration
Given how hard the economy fell in the second quarter, earnings for West Michigan-based banks held up relatively well, although they were primarily lower than a year earlier as banks set aside more in reserve to cover potential future loan losses.
Changes by the Federal Reserve Board should draw greater interest to the new $600 billion Main Street Lending Program for small and mid-sized businesses hurt financially by the COVID-19 pandemic.
Changes to a federal loan program that has helped small businesses weather the COVID-19 pandemic could generate a “huge uptick” in loan demand that has waned in the last few weeks, according to U.S. Small Business Administration officials.
Changes approved by Congress to the federal Paycheck Protection Program would give millions of small businesses more time to use the money and adjust how much of the loan needs to go to payroll expenses to earn forgiveness.
After approving more loans in six weeks than during the prior nearly 60 years combined, the U.S. Small Business Administration now looks to provide debt forgiveness to borrowers.
In a recent conference call, the president and CEO of Detroit-based TCF Financial Corp. — the parent company of what remains known in Michigan as Chemical Bank — voiced a simple ethic that all businesses, no matter their industry or their size, must keep in mind in the COVID-19 pandemic.
The second round of the U.S. Small Business Administration’s Paycheck Protection Program has seen more loans approved for lesser amounts, an indication that smaller businesses are getting assistance.
BELLAIRE — Short’s Brewing Co. has received a roughly $1 million loan through the U.S. Small Business Administration to help offset the impacts of the coronavirus, company officials told MiBiz today.
The U.S. Small Business Administration approved relief loans totaling $10.38 billion for nearly 43,500 small companies in Michigan before running out of money.
Huntington Bank has temporarily stopped taking application from companies seeking a U.S. Small Business Administration loan to get them through the economic hardship caused by the COVID-19 pandemic.